It appears that positive sentiment for Cardano outweighs that for Ripple as a critical upgrade is nearing.
Cardano has been one of the better performers in the past 24 hours, increasing by as much as 4% and pushing above $0.35.
It appears that this move comes on the back of increased bullish sentiment for the cryptocurrency, unlike that of XRP – another altcoin with a massive community.
Ripple (XRP) v. Cardano (ADA): Sentiment Battles
Data from the popular cryptocurrency analytics firm Santiment reveals that the crowd sentiment for ADA has been flipping more bullish and has even outperformed popular altcoins such as XRP.
The firm’s metric is Weighted Sentiment, a well-known indicator that also takes social volume into account. Social volume keeps track of the total number of social media and internet posts related to a certain cryptocurrency. Additionally, it weighs sentiment balance against social volume to ensure that the number of users participating in the discussion is moving in the same direction.
Incoming Cardano Hard Fork the Reason?
As the above chart notes, ADA is currently at its highest positive sentiment of 2024, which has a slump of 47% in 5 months. Part of the reason behind this could be the fact that there’s an important upcoming hard fork scheduled to take place later in August.
As CryptoPotato reported earlier today, the Chang Hard Fork will take place on August 27th.
“However, the current indications suggest the 27th of August is viable, and that is what the hard fork working group technical teams are working towards. Pre-production will be a hard fork on the 22nd of August in preparation,” the disclosure reads.
This is an upgrade that’s designed to improve decentralization and progress toward community-driven governance. It’s a part of the Voltaire era in Cardano’s roadmap. The latter is focused on implementing a governance framework that’s both distributed and sustainable.
Source: www.cryptopotato.com